VA Loan to IRRRL

[Jeff Bonner]

So I rented out my former primary residence, one that I'd purchased on a VA Loan. One thing I'd never gotten around to doing before I rented it out was refinancing the property under a less expensive rate. Until today, I was under the false impression that I couldn't refinance the loan while not living in it, unless I wanted to refinance it under a conventional loan with less advantageous rates. I was wrong.

I found out today that I was able to refinance my VA loan to a IRRRL loan, bringing my rate down from 3.85% to 3.379. This is saving me about $125 a month ($1512).

If you're a veteran, and you're not using your VA benefits to help start/build your portfolio, you need to do it!

[Trevor Soderholm]

Hi. I am doing something similar and have been weighing responding to some of those letters I get. Now that it's been a few years, how do you feel about the IRRRL? Are there any downsides?